We are pleased to present the second edition of our Senior Living Claims Benchmarking Study: A General and Professional Liability Actuarial Analysis completed by WTW’s Senior Living Center of Excellence. This year’s study continues to show that senior living owners and operators continue to face significant increases in general and professional liability costs.
This study encompasses data from more than 15,000 claims with incurred loss that occured for our clients spanning the past ten years. In 2022 pandemic-related issues began to move from dominating senior management’s agenda, and as crisis management fades from the day-to-day priority within the industry, the longer-term structural issues that dominate the insurance-related costs facing the senior living industry will return to challenge those defining corporate strategy.
The senior living industry faces a challenging operating environment at any time, but the recent confluence of events is placing an unprecedented financial burden on companies that are giving care to America’s aging population. The intent of this benchmarking study isn’t just to quantify the variables that compose loss costs for the industry – and give important insight into geographic differences and provide transparency into the various causes of loss – but to help senior management understand how practical changes in internal policies and processes can directly lead to lower loss costs.
With revenues and costs under pressure across all balance sheet items, WTW believes that any improvement generated in loss costs can be vital help in today’s critical challenge to optimize operational profitability.
Please download the report for the full findings.